Spokane’s housing market extremely competitive for potential buyers

With a strong economy, Spokane’s housing market is flourishing, but there aren’t enough homes available for everyone who wants to buy.

Spokane’s home inventory is at an all time low, especially as more homes get sold. That makes things extra competitive in the race to find your family’s dream home.

Matthew Cross is preparing for an expanding family, and that means a larger home. With so few houses on the market, he knew finding the perfect home wouldn’t be easy. But, he says his family got lucky, and after putting a bid on a larger home, their offer was accepted. Now, he needs to sell his Cheney home.

“The scary part is selling my house and knowing that I have to sell it in a certain amount of time to get this new house,” Cross said.

His house in the 9100 block of Sugar Street has been on the market a while now, but he’s hopeful the right buyer will come along very soon. That’s because his house is part of a limited supply.

According to the Spokane Association of Realtors, home sales are up 22% from last year, and there are fewer homes to choose from.

“Inventory is at an all time low. So, right now we have less than a two month supply. In a healthy market, we would have about six months,” said BethAnn Long, a realtor with Re/Max Inland Empire.

And if you’re looking to buy a home, you have to act fast and be prepared. Homes aren’t staying on the market for very long.

“The one hundred thousands and two hundred thousands go usually overnight, or within a week,” Long said.

She says since homes are selling overnight, buyers need to be more prepared and more competitive than ever. You’ll likely only get one shot and putting on offer on the home of your choosing. So, Long says you need to have everything in order before you even begin house hunting.

“Number one, a good pre-approval letter from a lender,” she said. “And honestly even local lenders because it’s somebody we can actually make a phone call to. And then also just make sure that they have all their inspection money saved.”

So, if you’re looking to buy a home, don’t plan on getting a bargain. Homes are selling for at least 99% of asking price. And the average price of a home in Spokane is up to $224,091, compared to $206,176 in January 2017.

But, realtors say sellers have to be competitive too. If you try to list your home for more than it’s worth, buyers will walk. That’s something Cross is hoping to avoid.

“I think my house is a great buy. I think the price is very, very competitive,” he said.

You can find a listing for Cross’ Cheney home here.